D1Conf 2018 |The Future of Oracles and Data On The Blockchain | Adan of Witnet Foundation
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How do you see the future of oracles and data on blockchain? Adan Sanchez de Pedro presents Witnet and their solution to the oracle problem at D1Conf. These slides are courtesy of Adan Sanchez de Pedro, Witnet Foundation
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D1Conf 2018 |The Future of Oracles and Data On The Blockchain | Adan of Witnet Foundation
- 1. Data Oracles Don’t trust the messenger Adán Sánchez de Pedro Crespo Witnet Foundation Oct 29, 2018 D1Conf Prague
- 2. No data, no party.
- 3. Decentralization is the point.
- 4. Witnet gives smart contracts real power.
- 5. P2P and DAOs are here to take over the world.
- 6. Let’s build the future together.🐦 @witnet_io 📧 adan@witnet.io
Editor's Notes
- Point 1: Without external data, smart contracts are just toys. Smart contract platforms are deterministic by definition, so they are totally isolated from the rest of the world. These platforms and the apps built atop them can deliver on their promises and have a significant impact on society only if they are capable of connecting to the rest of the world.
- Point 2: Data must be consumed in a trustless way. Otherwise, using a smart contract is pointless. Output of contracts depends on input data. No matter how decentralized the execution environment is. If you aim for true tamper and censor resistance, you also need to feed information trustlessly. Centralized oracles are single points of failure as they can be corrupted, hacked, taken down, etc. Is easy for data sources to target centralized oracles and feed fake data. Centralized data brokerage is just incompatible with smart contracts. Pairing those together doesn’t make any sense for purposes other than PoCs.
- Point 3: Witnet solves the so-called “oracle problem”. Witnet is a decentralized network of nodes who earn wit tokens in exchange for retrieving, aggregating and delivering data from online data sources into smart contracts. It is a totally trustless solution whose security model is based on schelling schemes and other incentive mechanisms that ensure that a majority of nodes abide by the protocol and broker the data in an honest way. For the first time, smart contracts in Ethereum and other platforms are going to be able to have data retrieved from multiple data sources, normalized, aggregated and reported back to them without having to trust single points of failure.
- Point 4: Once we have fully functional decentralized oracle networks providing real world data to smart contracts and triggering physical consequences, nothing will prevent people from going full P2P on insurance, betting, etc. Specially in insurance, anyone is going to get the chance to take other people's risk, have others take theirs or even pool risk into self-managed mutual insurance DAOs. This is a life-changing opportunity, specially for people without access to "formal" insurance. The true impact of smart contracts on business, society and peoples’ life is about to get real.
- We don’t want to this journey alone. We’d love to hear your ideas and needs. Come find me later or reach out to us on Twitter @witnet_io or email adan@witnet.foundation.